Best providers for retirees over 65: pension, Inheritance Tax and money-saving picks
By Holly Mackay, Founder & CEO
6 Dec, 2023
If you're over 65, your biggest money decisions are likely to be about Inheritance Tax, retirement income and helping the family financially - and the right provider can make a real difference to each. Holly Mackay picks one provider for each: Charles Stanley for Inheritance Tax planning, Destination Retirement for low-cost retirement advice, and Hargreaves Lansdown or AJ Bell's Dodl for saving for children and grandchildren.
I've pulled out three common financial priorities and some providers which I think will be able to help those with an interest in them. These picks are designed for people over 65 who want clear inheritance planning, pension choices, and straightforward money management.
The average man aged 65+ has £258,389 in savings and investments – this includes their cash savings, ISAs, and any pensions. The average woman of the same age has just £149,982.
I’ve pulled out three common financial priorities and some providers which I think will be able to help those with an interest in them.
The providers below are listed in alphabetical order.
What is the best way to reduce inheritance tax after 65?
Charles Stanley
For a single fee of £900 (incl. VAT) this service will help you to calculate your total Inheritance Tax liability, understand how to minimise it and make a plan to manage this so your family doesn’t get landed with a hefty tax bill when you’re no longer around.
Charles Stanley OneStep Inheritance Tax Plan
What is the best provider for retirement planning?
Destination Retirement
This is a relatively new, low-cost advice solution for people who want some help navigating their retirement. Aimed at anyone with more than £30,000, it will help protect you from running out of money, provide some answers to key questions around what you can afford and pull together a plan to help you make the most of your financial retirement. If you have £100,000 in savings, expect to pay about £1,040 a year for the service.
Destination Retirement
What's the best provider for saving for children and grandchildren?
Hargreaves Lansdown or Dodl
If you’re setting up a plan for the grandchildren, then it’s worth noting that the giant Hargreaves Lansdown charges no fees for Junior ISAs. This company remains one of the best investment providers, but they can be relatively expensive in other areas. With a Junior ISA you combine great service with zero cost. What’s not to like?
If your priority is to help a child who is still under 40 to get on the property ladder then you might want to help them set up a Lifetime ISA. If they don’t know that much about investing yet, then AJ Bell’s ‘Dodl’ is an easy, app-based Lifetime ISA option which is low-cost and pretty straightforward to use.
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In a nutshell
How should I invest after I retire?
Are you retired but still investing? Not sure if you need to switch up your strategy? Check out our guide to investing during retirement for a breakdown of five simple steps to help your money grow in a safe and sensible way.
How do you invest after retirement?
